# The Teachers' Pension Scheme Regulations 2014, Paragraph 29: Eligible to make buy-out election

Extent: E+W

(1) A member (P) who has a normal pension age over 65 may elect to pay contributions to buy out the standard reduction (“buy-out election”) for a period of up to 3 years insofar as this relates to P’s—
(a) standard earned pension; and
(b) faster accrual earned pension (if any).
(2) A buy-out election has effect from the day on which the scheme manager accepts the election.
(3) A buy-out election ceases to have effect when the earliest of the following occurs—
(a) P reaches normal pension age;
(b) a retirement pension other than a phased retirement pension becomes payable to P;
(c) P revokes the election or is taken to revoke the election.
(4) A buy-out election may only be made within 6 months after P enters pensionable service under this scheme.
(5) When making a buy-out election, P must be—
(a) in pensionable service; and
(b) under normal pension age.
(6) P may by written notice to the scheme manager vary a buy-out election if P's normal pension age changes before a retirement pension becomes payable to P.

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Source: https://www.legislation.gov.uk/uksi/2014/512/schedule/2/paragraph/29 (the official version)
Page: https://openlegislation.uk/teachers-pension-scheme-regulations-2014/schedule-2/paragraph-29
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.